Friday, May 13, 2016

IPO - What is Najib talking about? Is he saying that 1MDB would have become a public listed company, and anyone (including foreigners) can buy the shares of 1MDB? Once, you are public listed - anyone will be able to buy shares and own the said company...

I thought that 1MDB is like Khazanah - it should never be publicly listed, and the ownership and control must always remain with Malaysia - the Malaysian government acting on behalf of the Malaysian people...

Business always has risk - but when it is like 1MDB or some government-owned companies, the risks is minimal.... because the government can use its powers to reduce 'business risks'...maybe even 'eliminate and reduce competition' ...

Look at Malaysian Airlines(MAS), for instance, no matter how many times they fumble, the government like a 'loving parent' will come to your aid and help you up...millions (or billions) of ringgit will be poured in.

In such government companies, I believe that it should always remain 100% owned by the government - by all Malaysians. Likewise, 1MDB should never have been sold to others...so, what is Najib talking about? IPO?

In any event, what I am afraid is that now 1MDB that although 1MDB will not be sold, but 1MDB itself may be selling off Malaysian assets in Malaysia to foreign persons and corporations just to stay afloat and get out of its mess...??

Najib was the Finance Minister...the Chairman of the Board of Advisors...in 1MDB when it got into 'problem' - Najib should really now step aside just like the Board of Directors of 1MDB has already done...

Appoint a NEW Finance Minister - and let him/her try to solve this mess...

For a company like 1MDB or Khazanah, whether the ownership(or part ownership) should be sold to individuals or other companies, national or foreigners...is a matter that Malaysians must decide - not just the Prime Minister or the Barisan Nasional government...

The so-called 'attacks' that Najib is talking is confusing... was there some other attacks long before...maybe, he should identify who these 'attackers' were...

BUT, if he is talking about the people who are angry and is questioning now, after some foreign media exposed the whole issue about alleged 1MDB 'wrongdoings' and the alleged large monies in Najib's Personal Bank Account - well, then all that 'attacks' started only after the 'nasi sudah menjadi bubur' (rice has already become porridge), and, in my opinion are justified...

Najib may be the captain of the ship - but he was given that responsibility by all of us Malaysians in trust.. we are the bosses, and, of course, we, the bosses, have every right to be angry...when the 'mess' was disclosed... we were really angry because we had to learn this truth from foreign media and websites - when it should have been Najib and the government, who should have been honest and transparent with us from the very start...

1MDB Encountered Problems Due To Failure To Issue IPO, Says Najib

KUALA LUMPUR, May 10 (Bernama) -- Prime Minister Datuk Seri Najib Tun
Razak said a failed initial public offering (IPO) exercise, as a result
of being "attacked", was the main reason why 1Malaysia Development Bhd
(1MDB) encountered problems.

He said 1MDB used the debt funding approach to operate its business,
which required an IPO to be undertaken in the shortest possible time.

"At the time, we tried different approaches as we did not want to
utilise government funds. Government funds can be used for other
projects or programmes.

"For 1MDB, we utilised 'debt funding' on condition that we will
undertake an IPO very soon. Yet, we did not foresee that 1MDB would come
under relentless "attacks".

"When the 'attacks' were mounted, the IPO exercise could not be carried
out, hence the cash flow problems," Najib said in an exclusive interview
telecast live over TV1 on Tuesday night in conjunction with UMNO's 70th
anniversary tomorrow.

Elaborating further, the prime minister said a report on 1MDB was
submitted to the Public Accounts Committee (PAC) to establish if there
were any irregularities or wrongdoings, on his part, in the company.

"The PAC has presented its findings. PAC Deputy Chairman Dr Tan Seng
Giaw, an opposition party member, made a public statement and opined
that I did nothing wrong in 1MDB.

"I consider the 1MDB issue as a business problem...(perhaps) its
business model was not so suitable, its gearing was very high," he said,
adding that this was turned into a political issue by certain quarters
who used it to try and topple him.

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